Faktor – Faktor Yang Mempengaruhi Struktur Modal Pada Perusahaan Manufaktur Sektor Industri Dasar Dan Kimia Yang Terdaftar Di Bursa Efek Indonesia Periode 2014 – 2016

This study analyzes the factors that affected the capital structure of chemicals and basic industry sectors from manufacturing companies which were listed on the Indonesia Stock Exchange during 2014-2016. The study were conducted by examining the effect of firm size, liquidity, profitability, business risk, and asset structure on capital structure. This data were collected from the financial report of 27 manufacture basic industry and chemicals sectors which were listed on Bursa Efek Indonesia in 2014-2016. The multiple regressions analysis and classic assumption test have been performed by sing SPSS 22.0 version statistic test instrument. The result of the research shows that the research regression model has fulfilled the requirements there are no symptoms of multicollinearity, heteroscedasticity, and correlation and the in used file is normally distributed. The result of the research shows: profitability, firm size, liquidity, business risk, asset structure has significant influence to the capital structure.

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Analisis Profitabilitas, Ukuran Perusahaan, Struktur Aset, Likuiditas, dan Risiko Bisnis terhadap Struktur Modal Perusahaan Manufaktur di Indonesia

Journal of Economic Bussines and Accounting (COSTING) ◽

10.31539/costing.v3i2.1064 ◽

2020 ◽

Vol 3 (2) ◽

pp. 282-291

Author(s):

Velda Lianto ◽

Annisa Nauli Sinaga ◽

Elvi Susanti ◽

Christina Yaputra ◽

Veronica Veronica

Keyword(s):

Capital Structure ◽

Firm Size ◽

Stock Exchange ◽

Sampling Technique ◽

Manufacturing Companies ◽

Business Risk ◽

Purposive Sampling ◽

The Capital Structure

Capital structure reflects the extent to which companies can manage existing capital to generate profits. The purpose of this research is to examine and analyze the influence of variables of profitability, firm size, asset structure, liquidity, and business risk on the capital structure in Manufacturing companies listed on the Indonesia Stock Exchange in the period of 2015 - 2018. The sampling technique uses purposive sampling by determining 3 criteria. From total of 155 companies, only 69 companies were sampled. The result of this research indicate that profitability has a positive and significant effect on capital structure, firm size has a positive and no significant effect on capital structure, asset structure has no effect and no significant on capital structure, liquidity and business risk have a negative and significant effect on capital structure in Manufacturing companies listed on the Indonesia Stock Exchange in the periode of 2015 - 2018. Keywords: Profitability, Firm Size, Asset Structure, Liquidity, Business Risk and Capital Structure

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Analysis of Factors Affecting Capital Structure in Food and Beverage Manufacturing Company

International Journal on Advanced Science Education and Religion ◽

10.33648/ijoaser.v1i2.7 ◽

2018 ◽

Vol 1 (2) ◽

pp. 1-14

Author(s):

Nur Hajja Aini ◽

St Habibah

Keyword(s):

Capital Structure ◽

Firm Size ◽

Significant Influence ◽

Fixed Effects ◽

Random Effect Model ◽

Manufacturing Companies ◽

Business Risk ◽

Growth Opportunities ◽

Food And Beverage ◽

The Capital Structure

The purpose of this research to analyze the influence of firm size, liquidity, growth opportunities, tangibility asset, and business risk to the capital structure of listed food and beverage manufacturing companies in Indonesia and Vietnam Stock Exchange from 2010 to 2016. The result shows that the fixed effects model should be appropriate for this study as compared to the random effect model. Capital structure significantly differences between the two countries. Firm size has a positive but insignificant influence on the capital structure in Indonesia, whereas it has a positive and a significant influence on the capital structure in Vietnam. Liquidity has a negative and significant influence on the capital structure both in Indonesia and Vietnam. Growth opportunities have a negative but insignificant influence on the capital structure both in Indonesia and Vietnam. Asset tangibility has a positive but insignificant influence on the capital structure in Indonesia, but it has the negative but insignificant influence on the capital structure in Vietnam. Ultimately, the business risk has a negative and significant influence on the capital structure in Indonesia but has a positive and insignificant influence on the capital structure in Vietnam.

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Good Corporate Governance, Profitabilitas, Ukuran Perusahaan dan Struktur Modal

Jurnal ULTIMA Accounting ◽

10.31937/akuntansi.v9i1.584 ◽

2017 ◽

Vol 9 (1) ◽

pp. 1-17

Author(s):

Hesty Juni Tambuati Subing

Keyword(s):

Capital Structure ◽

Board Of Directors ◽

Firm Size ◽

Stock Exchange ◽

Secondary Data ◽

Institutional Ownership ◽

Annual Reports ◽

Financial Reports ◽

Basic Industry ◽

The Capital Structure

The purpose of this research is to know about the effect of these factors Corporate Governane proxy by Institutional Ownership and Number of Board of Directors, Firm Size, and Return On Asset in basic industry and chemistry towards capital structure, and also to determine which of those factors having powerful effect to the capital structure. This research is using secondary data, such as the financial reports, annual reports and other related information of basic industry and chemistry listed in Indonesian Stock Exchange which sample were taken from 45 companies for the period of 2013 to 2014, and the choosing of these samples was based on the purposive sampling method. Panel data is used to test the effect of Institutional Ownership, Board of Directors, Return on Asset and Firm Size among as independent variables, in regard to capital structure as dependent variables. The result shows that only Return On Asset have significant effect to the Capital Structure in the basic industry and chemistry. Meanwhile Institutional Ownership, Board of Directors and Firm Size have no effect to the Capital Structure in the basic industry and chemistry. Keywords: Institutional Ownership, Board of Directors, Return On Asset, Firm Size, Capital Structure

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What Determines The Capital Structure of Property, Real Estate and Building Construction Companies? Evidence from Indonesian Listed Companies

Management Analysis Journal ◽

10.15294/maj.v9i4.40634 ◽

2020 ◽

Vol 9 (4) ◽

pp. 370-382

Author(s):

Sari Fitri Fatimah ◽

Rini Setyo Witiastuti

Keyword(s):

Real Estate ◽

Capital Structure ◽

Firm Size ◽

Stock Exchange ◽

Building Construction ◽

Business Risk ◽

Financial Flexibility ◽

Significant Negative Effect ◽

Negative Effect ◽

The Capital Structure

This research is intended to prove the influence of financial flexibility, asset structure, firm size, profitability and business risk on the capital structure. The population on this study are property, real estate and building construction sector that are listed on the Indonesia Stock Exchange in 2009-2018. The number of samples used were 28 companies with a purposive sampling method. The data studied was obtained from the Indonesia Stock Exchange (IDX). Methods of data analysis used in this study is multiple linear regression. The results showed that financial flexibility has not significant negative effect on capital structure. Asset structure and firm size have a significant positive effect on capital structure. The profitability and business risk have a significant negative effect on capital structure. Further research is needed to use another proxies such as ROE for profitability variables or standard deviations from ROE for business risk on capital structure and add another sectors or the number of observation periods.

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Faktor Yang Mempengaruhi Capital Structure Pada Sektor Industri Dasar Dan Kimia

Jurnal Ekonomi ◽

10.24912/je.v24i1.462 ◽

2019 ◽

Vol 24 (1) ◽

pp. 94

Author(s):

Thio Lie Sha

Keyword(s):

Capital Structure ◽

Firm Size ◽

Significant Influence ◽

Stock Exchange ◽

Total Sample ◽

Linear Regression Method ◽

Test Results ◽

Business Risk ◽

Asset Growth ◽

Industry Sectors

The purpose of this study is to obtain empirical evidence about the effects of business risk, profitability, firm size, asset structure, and growth of asset to capital structure in the company's manufacturing base and chemical industry sectors listed on the Indonesia Stock Exchange during 2011-2014. The total sample is 80 samples obtained by purposive sampling method. Data analysis was done using multiple linear regression method with SPSS software 20 version. The result based on t test indicate that business risk, firm size, asset structure, and asset growth of the company has positif and significant influence on struktrur capital., profitability has negatif and significant influence on struktrur capital. F-test results showed that the variable business risk, profitability, firm size, asset structure and asset growth together have a significant effect on the capital structure.

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PENGARUH UKURAN PERUSAHAAN, RESIKO BISNIS DAN PERTUMBUHAN AKTIVA TERHADAP STRUKTUR MODAL PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI TAHUN 2005-2007

Jurnal Manajemen dan Bisnis ◽

10.54367/jmb.v10i1.71 ◽

2017 ◽

pp. 52-63

Author(s):

Joana L. Saragih

Keyword(s):

Capital Structure ◽

Ownership Structure ◽

Random Sampling ◽

Stock Exchange ◽

Manufacturing Sector ◽

Manufacturing Companies ◽

Business Risk ◽

Simultaneous Test ◽

Independent Variable ◽

The Capital Structure

A decision on a capital structure (ratio between share and loan capitals) done by a financial manager is an important decision. This is due to its influence upon risks undergone and profits expected by shareholders. These analyses are used to solve the problem which is whether the size of the firm, the business risks, the growth of assets, the profitability and the ownership structure influence the capital strusture or not? The population in this research is the go public manufacturing sector in the Indonesia Stock Exchange for years 2005 until 2007. The sample is defined by cluster propotional random sampling to get a representative sample on each sector. There are 33 go public manufacturing companies selected as sample for this research. There are two variables in this research, the independent variable and dependent variable. The independent variable comprises firm size, business risk, growth of assets, and profitability; and for the dependent variable is the capital structure of go public manufacturing companies in the BEI. This research was analyzed using multiple regressions. This research found the empirical results that partially, SIZE influences positive significant and NPM influences negative significant to the capital structure of go public manufacturing companies in the Bursa Efek Indonesia. While the result of partial test for DOL and GROW showed that partially they didnâ€™t influence significantly to the capital structure. The result for the simultaneous test showed that there is influence between SIZE, DOL, GROW, and NPM with the capital strusture of go public manufacturing companies in the Bursa Efek Indonesia. The influence is 0,197 or 19,7%. The other 80.3% influenced by another factors outside the research or the regression model.

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Risiko Bisnis, Profitabilitas, dan Struktur Aktiva Sebagai Penentu Struktur Modal Perusahaan Makanan dan Minuman

E-Jurnal Akuntansi ◽

10.24843/eja.2021.v31.i11.p06 ◽

2021 ◽

Vol 31 (11) ◽

pp. 2748

Author(s):

Ni Wayan Meitriyani ◽

Ni Gusti Putu Wirawati

Keyword(s):

Capital Structure ◽

Stock Exchange ◽

Significant Positive Effect ◽

Manufacturing Companies ◽

Business Risk ◽

Analysis Technique ◽

Food And Beverage ◽

Negative Effect ◽

Positive Effect ◽

The Capital Structure

The purpose of this study was to determine the effect of business risk, profitability, and asset structure on capital structure. This study takes samples from manufacturing companies listed on the Indonesia Stock Exchange for the 2015-2019 period. The sample used is purposive sampling. The analysis technique used is multiple linear regression. The results of business risk research have a significant positive effect on the capital structure of Food and Beverage Companies Listed on the IDX in 2015-2019 while profitability has a significant negative effect on the capital structure of Food and Beverage Companies Listed on the IDX, and asset structure has a significant positive effect on the capital structure in Food and Beverage Companies Listed on the Indonesia Stock Exchange in 2015-2019. Keywords : Food and Beverage; Business Risk; Profitability; Asset Structure.

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The Effects of Managerial Ownership, Institutional Ownership, and Profitability on Capital Structure: Firm Size as the Moderating Variable

International Journal of Financial Research ◽

10.5430/ijfr.v11n4p493 ◽

2020 ◽

Vol 11 (4) ◽

pp. 493

Author(s):

Muhammad Khafid ◽

Rida Prihatni ◽

Ira Eva Safitri

Keyword(s):

Capital Structure ◽

Firm Size ◽

Stock Exchange ◽

Sampling Technique ◽

Institutional Ownership ◽

Analysis Data ◽

Managerial Ownership ◽

Manufacturing Companies ◽

Unit Of Analysis ◽

Basic Industry

This study was to analyze the effects of managerial ownership, institutional ownership, and profitability on capital strucuture with firm size as the moderating variable. All manufacturing companies of basic industry and chemical sector listed on Indonesia Stock Exchange during the period of 2014-2017 were the population of the study. There were 66 taken as the samples by using purposive sampling technique. There were 39 companies as research samples and 115 as unit of analysis. Data were collected by documentation method. Then, data were analyzed by using descriptive statistics and inferential statistics. The results of the study indicated that managerial ownership and institutional ownership did not significantly affect capital structure, but profitability had a negative and significant effect on capital structure. Firm size did not have any moderating effect between managerial ownership and profitability on capital strucuture, but firm size moderated the effect between institutional ownership and capital structure. It was concluded that only profitability significantly influenced capital structure, and firm size was able to moderate the effect between institutional ownership and capital structure.

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Pengaruh Profitabilitas, Risiko Bisnis, Kepemilikan Manajerial, Dan Pajak Terhadap Struktur Modal

Jurnal Ilmiah Akuntansi Kesatuan ◽

10.37641/jiakes.v8i1.288 ◽

2020 ◽

Vol 8 (1) ◽

pp. 27-36 ◽

Cited By ~ 1

Author(s):

Melisa Rahmadianti ◽

Yuliandi Yuliandi

Keyword(s):

Capital Structure ◽

Consumer Goods ◽

Stock Exchange ◽

Managerial Ownership ◽

Manufacturing Companies ◽

Business Risk ◽

Significance Level ◽

Industry Sector ◽

Consumer Goods Industry ◽

The Capital Structure

The purpose of this study was to determine the effect of profitability, business risk, managerial ownership, and tax on the capital structure of manufacturing companies in the consumer goods industry sector listed on the Indonesia Stock Exchange. Capital structure is proxied by debt to equity ratio. The population in this study are all manufacturing companies in the consumer goods industry sector listed on the Indonesia Stock Exchange for the period 2014-2017. Sample selection through purposive sampling method. There are 12 companies that meet the criteria as research samples so that the observation data is around 48. This study supports literature studies by processing secondary data obtained from annual reports. The analytical method used is multiple linear regression analysis through the program SPSS version 23. The results of this study indicate that profitability, business risk, managerial ownership, and tax simultaneously affect the capital structure with a significance level of 0,000. Partially profitability, business risk, and tax affect the capital structure with a significance level of 0,000. Managerial ownership partially does not affect the capital structure with a significance level of 0,058. Keywords : Profitability, business risk, managerial ownership, tax, capital structure.

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DETERMINASI VARIABEL AKUNTANSI TERHADAP PENENTUAN KEBIJAKAN STRUKTUR MODAL PADA PERUSAHAAN MANUFAKTUR DI INDONESIA

Jurnal Magister Akuntansi Trisakti ◽

10.25105/jmat.v2i1.4941 ◽

2015 ◽

Vol 2 (1) ◽

pp. 47

Author(s):

Indra Saputra ◽

Farah Margaretha

Keyword(s):

Capital Structure ◽

Firm Size ◽

Time Series Data ◽

Cash Holdings ◽

Series Data ◽

Manufacturing Companies ◽

Business Risk ◽

Tax Shield ◽

Debt Tax Shield ◽

The Capital Structure

Decisions incompliance with the company's funds come fromits own capital (equity) or by foreign capital (debt). The purpose of this study was to determine the effect of firm size, profitability, business risk, asset structure, cash holdings, non-debt tax shield, signaling and growth effects of capital structure policy. This research was conducted on37samples of companies listed on the Indonesia Stock Exchange(IDX) using time series data from 2008-2011. This study uses multiple linear regression to test the hypothesis to see the contribution of each variable individually and simultaneously in influencing the structure of funding. The results show that firm size, asset structure, and signaling effect has a positive and significant effect on the capital structure policy. Other variables, namely business risk and cash holdings have a negative correlation and significant effect on the capital structure of these results support the trade of theory and pecking order theory. Further testing of profitability, non-debt tax shield and the growth does not affect the capital structure in manufacturing companies. If the company uses debt funding source soft he factors accounting variables such as firm size, asset structure, business risk and the effect of signaling a decisive factor in the decision making of the company's capital structure policy so as to provide optimal results.

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